– Florida’s real estate market is experiencing a shift, moving away from the pandemic-fueled boom.
– Inventory is rising in many areas. For example, active listings in some metro areas have more than doubled year-over-year.
– Price appreciation is slowing; some markets are seeing price reductions. Median sale prices may still be up year-over-year, but the rate of increase is significantly lower than in previous years.
– Interest rates are higher, impacting affordability and buyer demand. The 30-year fixed mortgage rate has climbed substantially compared to previous years.
– Days on market are increasing, indicating homes are taking longer to sell.
– Population growth, while still positive, may be moderating compared to the peak influx seen during the pandemic.
– Insurance costs and property taxes remain significant concerns for Florida homeowners.